French Business Tycoon Bernard Arnault Now Holds The Title For World's Richest Person

The richest man in the world, Bernard Arnault, has a net worth of USD 210 billion. According to the Bloomberg Billionaires Index, which was cited in the NTDV news report, he has overtaken Elon Musk to claim the top spot, pushing the founder of Tesla to second.

Bernard's fortune increased by 12 billion USD on Thursday to about 210 billion USD, a record high and his second-biggest single-day growth ever, according to the Bloomberg Billionaires Index. His family owns 48% of LVMH's share capital. Elon's net worth increased by 3.8 billion dollars, bringing it to 180 billion.

Bernard became the only person with a net worth greater than $200 billion USD earlier this month, joining Elon Musk and Jeff Bezos of Amazon.com Inc. He achieved the accomplishment first outside of the US.

Bernard Bernard's Net Worth

The increase in 74-year-old Bernard's net worth was noticed after investors applauded the quarterly sales reported by the manufacturer of Christian Dior gowns, Moet & Chandon champagne, and Louis Vuitton handbags. With a market value of 444 billion euros (491 billion USD), LVMH shares increased by 5.7% to a new high in Paris trade, placing them among the top 10 companies in the world.

After leaving pandemic lockdowns, Chinese consumers splurged on expensive goods, which helped LVMH perform well. Despite a "bit of a slowdown" in the US, the company saw growth across every sector.

Elon's fortune has decreased since it peaked at USD 340 billion since he had to lower Tesla's prices across the US to increase demand. Additionally, Musk suggested this week in a rambling interview that Twitter and SpaceX, the other two businesses he regulates, may become cash-flow positive as early as this quarter.

Who is Bernard Arnault?

Bernard Arnault is a French businessman and the chairman and CEO of LVMH Moët Hennessy – Louis Vuitton SE, a leading luxury goods conglomerate. He was born on March 5, 1949, in Roubaix, France. Arnault initially worked in his family's construction business before moving into the luxury goods industry. He acquired a number of luxury brands, including Christian Dior, Fendi, and Givenchy, and developed LVMH into the world's largest luxury conglomerate. Arnault is also known for his philanthropic efforts, particularly in the areas of art and culture. He has been listed as one of the richest people in the world by Forbes magazine.